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Tax considerations for short sales and foreclosures

Tax considerations for short sales and foreclosures

If you lost your home to foreclosure or sold it short in 2012, understanding the possible tax consequences when filing is important. TurboTax offers general guidelines on how the IRS treats forgiven mortgage debt. Fortunately, the typical household will not be liable to pay taxes on cancelled debt under $2 million for the fiscal year 2012, provided that the property is a primary residence. Consult with your financial advisor or accountant for more details.

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